Fed, FDIC, OCC Propose CM Rule With Community Development Test For Intermediate Small Banks

摘要

The Federal Reserve Board, Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) have issued a joint proposed rule that would create a community development test for a new category of intermediate small banks. The rule was published in the March 11 Federal Register, and comments are due May 10. The OCC and FDIC released the proposal on February 22, and the Fed announced its agreement on February 25. (For background, see Current Developments, Vol. 33, No. CD-5, p. 137.) The proposed rule would also expand the definition of community development to include affordable housing and revitalization or stabilization of underserved rural areas and designated disaster areas, as well as low- and moderate-income areas.